India’s G20 presidency would play an important role in promoting individual and collective actions to facilitate the transition towards a sustainable blue economy
- According to the World Bank, the blue economy is the “sustainable use of ocean resources for economic growth, improved livelihoods, and jobs while preserving the health of ocean ecosystem
- The term ‘blue economy’ includes not only ocean-dependent economic development but also inclusive social development and environmental and ecological security.
What is G20?
- The Group of Twenty (G20) is the premier forum for international economic cooperation.
- G20 plays an important role in shaping and strengthening global architecture and governance on all major international economic issues.
- India holds the Presidency of the G20 from 1 December 2022 to 30 November 2023.
The G20 countries together account for around 45% of the world’s coastlines and over 21% of the exclusive economic zones (EEZs)
Why the blue economy needs to be protected?
- Intensifying extreme weather events
- Ocean acidification and sea level rise
- Growing marine pollution
- Over-extraction of resources and unplanned urbanization.
- Marine pollution may have ripple effects across the globe.
What initiatives were taken to promote blue economy?
- Sagarmala initiative – Promotes port-led development
- The Shipbuilding Financial Assistance Policy –Encourages domestic ship-building
- Pradhan Mantri Matsya Sampada Yojana – Promotes ‘blue revolution’ through sustainable and responsible development of the fisheries sector
- The Deep Ocean Mission – Explores deep-sea resources in the exclusive economic zones (EEZ) and continental shelf as well as development of technology for harnessing them
- Coastal Regulation Zone notification -To classify and better manage coastal regions and conserve ecologically sensitive coastal and marine areas including ecosystems
- Plastic Waste Management Rules (2022) – Banned select single-use plastic items and introduced policies for extended producer responsibility in waste management
What is the role of India’s G20 Presidency in promoting blue economy?
- The aim is to promote adoption of high-level principles that guide sustainable and equitable economic development through the ocean and its resources
- This approach is consistent with Mr. Modi’s call for the global adoption of ‘Lifestyle for the Environment’that promotes mindful utilization over mindless consumption patterns.
- India’s G20 presidency would play an important role in promoting individual and collective actions to facilitate the transition towards a sustainable blue economy
- The blue economy is articulated as a key priority area under the Environment and Climate Sustainability Working Group
What initiatives were taken by G20 towards blue economy?
- Osaka Blue Ocean Vision -Aims to reduce the additional pollution by marine plastic litter to zero by 2050 through a comprehensive life-cycle approach
- Coral Research and Development Accelerator Platform(CORDAP) – CORDAP was launched in 2020
- It will bring together the best minds worldwide to accelerate the development of new technologies that support international coral conservation efforts
- Ocean 20(O20) -The O20 will provide a platform for G20 countries political leaders, local and indigenous communities, civil society and private sector, to advance action for ocean solutions
The O20 is led by Indonesia through their 2022 presidency of G20 with the support of the World Economic Forum.